Marchenko previously served as NBK chairman from October 1999 until 2004 and was widely viewed as having played a leading role in the transformation of the fortunes of the central Asian country’s banking sector. Under his watch, Kazakhstan went from a near-bankrupt state in the wake of the August 1998 Russian financial crisis to being one of the most stable and profitable in the entire central and eastern European region – an achievement that won him widespread acclaim and comparisons to Alan Greenspan.
The former US Federal Reserve chairman’s star has waned dramatically in the light of the US sub-prime mortgage fiasco but Marchenko’s reputation as a canny operator has been strengthened by his stewardship of Kazakhstan’s third-biggest financial institution, Halyk Bank, where he served as chairman from January 2005.
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